‘OVER R1.2BN WITHHELD’

ONE OF THE premium collectors on behalf of which Insure was collecting premiums, is Santam Insurance Company. An amount in excess of R1.2 billion was not paid over to insurance companies by Insure in respect of the month of August, which was due to the VBS Mutual Bank, Vele Investments and Insure saga. The Insure curators’ latest update of October 31, 2018 – Market Update

8 – stated that all premiums had been repaid. “For those clients that have continued to support IGM (Insure Group Managers), all premiums have been paid to insurers on October 15.” We phoned the chief operations officer of Insure, Ian Du Toit, and he confirmed that the Market update was, in fact, incorrect and that the statement should read: “All premiums other than those of August 2018 have been repaid. (Thus leaving as much R1.2bn withheld from Insurers).” A TOTAL of 45 investment deals worth about $32 billion (R457bn) were signed at the first African Investment Forum in Joburg. Most of the clinched deals were in infrastructure, energy, transport, agriculture and housing sectors, president of the African Development Bank (AfDB) Akinwumi Adesina announced on Friday. With the continent requiring at least $130bn yearly for infrastructure development, the bank said the projects signed at the three-day forum, which ended on Friday, should be welcomed. “What we have done in this is to tell the world that Africa is ready for investment, Africa absorbs investments,” Adesina said, adding that multibillion-dollar investment in water and sanitation projects signed at the forum would transform the lives of many communities. The forum hosted by the AfDB and the Gauteng government attracted several African heads of state. It was aimed at attracting investment to the continent and ensuring that the environment was conducive for investment and tackling any existing regulatory barriers. |